NU Online News Service, Sept. 9, 2003, 6:03 p.m. EDT – Sixty-eight percent of U.S. adults interviewed said they believed they would need at least 75% of today’s income when they retire, but fewer than one in four participants between the ages of 40 and 59 reported having more than $100,000 in retirement savings, according to retirement readiness income survey results released by GE Financial, Richmond, Va.
Researchers from Opinion Research Corp., Princeton, N.J., polled 1,010 U.S. adults for GE Financial in March. Forty-one percent of the participants were unfamiliar with the concept of retirement planning, and only 24% of the participants who were familiar with the concept were using the services of professional financial advisors, GE Financial says.
Forty-five percent of the participants did not know what an annuity is.
GE Financial is a unit of General Electric Company, Fairfield, Conn.